Alternative investment manager Ares Management Corp has agreed to acquire $3.8 billion Asian private equity firm Crescent Point Capital for an undisclosed amount.

Founded in 2003, CPC focuses on consumer companies across Southeast Asia and China, and has offices in China, Indonesia, the Philippines and Vietnam.

Ares said the investment is a continuation of its Ares Asia strategy, which makes direct private equity, credit, infrastructure and real estate deals in the region.

“We are proud of the significant Asia Pacific presence that we have established over the years, and we believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region,” said Michael Arougheti, Ares CEO and President.

Ares managed about $360 billion at the end of March. Earlier this year the firm joined UAE sovereign investor Mubadala to launch a $1 billion credit secondaries joint venture.

Ares said the new strategy was a natural extension of its credit and secondaries platforms, which had about $214 billion and $22 billion of assets under management, respectively, at the start of the year.

The transaction is expected to close in the third quarter of this year.